A TAX on people’s jewellery and paintings is being considered by the Liberal Democrats, it emerged yesterday.

Under the French-style scheme, tax inspectors would get unprecedented new powers to go into homes and value rings, necklaces, paintings, furniture and other family treasures.

Householders would be forced to pay a new “wealth” levy on the assets and there could even be fines for those who refused to let inspectors value their possessions.

The plans come in a policy document drawn up by party tax experts as groundwork for the Lib Dems’ next general election manifesto.

But Lib Dem Business Secretary Vince Cable poured cold water on his party’s idea.

He condemned the proposal, saying: “Some of their ideas are interesting; some of them are a bit wacky. The idea of taxing jewellery is completely impractical and intrusive.”

Meanwhile, party leader Nick Clegg will today insist that raising income tax allowances is “twice as good” as bringing back a 10p tax rate.

The Deputy Prime Minister will dismiss Labour leader Ed Miliband’s backing of a “mansion tax” on £2million properties to pay for a return of the lower rate scrapped by former Labour Prime Minister Gordon Brown.

Chancellor George Osborne is under pressure from some Conservative backbenchers to restore the 10p rate in next month’s Budget or find other ways to ease the pressure on household budgets.

Some of their ideas are interesting; some of them are a bit wacky. The idea of taxing jewellery is completely impractical and intrusive

Vince Cable

And Mr Miliband is also seeking to split the coalition with a Commons vote forcing the Lib Dems to choose between backing their cherished mansion tax policy or maintaining unity with the Tories.

In a speech at the Mansion House in the City of London, Mr Clegg will say: “We have waited two-and-a-half years for Labour to apologise for messing up the economy and to come up with some new ideas on how to fix it.

“But all we have got from Ed Miliband last week is some blatant plagiarism of Liberal Democrat ideas and still no remorse for the biggest economic meltdown in modern times.

“Labour cannot be taken seriously until its leaders apologise for the economic mess they created, apologise for the unfair tax system they left behind and apologise for letting tax avoidance rip.”